Prime Minister Boris Johnson and European Commission President Ursula von der Leyen are meeting for dinner as they try to reach a breakthrough on a post-Brexit trade deal on 9 December 2020 in Brussels, Belgium.
WPA Pool | Getty Images News | Getty Images
LONDON – Britain and the European Union on Thursday agreed on new Brexit trade agreements more than four years after Britain voted to leave the bloc, narrowly avoiding a potentially disastrous scenario without an agreement.
European Commission President Ursula von der Leyen said it was a “good deal”.
“It’s been a long, winding road, but we have a lot to show for it,” she said at a news conference. “It’s fair, it’s a balanced business and it’s fair and responsible for both parties.”
She said Europe would continue to cooperate in all areas with Britain, which she described as a “reliable partner”.
British Prime Minister Boris Johnson is due to hold a press conference soon.
The UK ceased to be a full member of the European Union in January, following the Brexit vote on 23 June 2016. However, it agreed to continue complying with European rules until the end of 2020, so that it can negotiate conditions. trade friendly with the other 27 nations.
The two sides have been involved in intense talks since March to determine how the trade will work starting in January. There have been significant clashes over fishing, competition rules and the governance of their new relationship.
The trade agreement is due to be ratified by UK and EU parliaments in the coming weeks, but it is a welcome development by businesses on both sides of the English Channel.
The agreement will almost certainly mean lower tariffs and costs for exporters than it would have had if the UK had left the EU without an agreement.
It puts an end to more than four years of what sometimes seemed like endless economic uncertainty and marks the first time an EU member has formally withdrawn from the political bloc.
Von der Leyen said he felt reassured “and, frankly, relieved” that he had reached an agreement.
“I know it’s a difficult day for some and for our friends in the UK. I want to say that parting is such a sweet pain,” she added.
EU chief negotiator Michel Barnier agreed that it was a day of relief, but “nuanced by some sadness”.
This is breaking news and will be updated soon.